Elon Musk says Twitter will let users to offer subscriptions

Twitter CEO Elon Musk announced Thursday the social media platform will allow its users to offer content subscriptions.

"Apply to offer your followers subscriptions of any material, from longform text to hours long video! Just tap on 'Monetization' in settings," he wrote on Twitter.

"For the next 12 months, Twitter will keep none of the money. You will receive whatever money we receive, so that's 70% for subscriptions on iOS & Android (they charge 30%) and ~92% on web (could be better, depending on payment processor)," he added.

Musk said after the first year, iOS and Android fees will drop to 15% and Twitter will add a small amount on top of that depending on volume.

"We will also help promote your work. Our goal is to maximize creator prosperity. At any point, you can leave our platform and take your work with you. Easy in, easy out," he wrote.